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New Home Sales in Cypress, Texas: A Booming Market

Thu, 25 Apr 2024 01:01:47 GMT

Cypress, Texas, has been gaining attention as a hot spot for new home sales. With its attractive neighborhoods, excellent schools, and convenient location, it's no wonder that homebuyers are flocking to this area. In this blog post, we'll explore the latest trends in new home sales in Cypress and what they mean for both buyers and sellers.

Rising Demand for New Homes

One of the most notable trends in Cypress is the increasing demand for new construction homes. Builders are responding to this demand by introducing new communities with modern designs and amenities. Whether you're looking for a single-family home or a townhouse, there are plenty of options to choose from in Cypress.

Competitive Pricing

Despite the high demand, Cypress remains an affordable option compared to other popular areas in Texas. Homebuyers can find competitive pricing on new construction homes, making it an attractive choice for first-time buyers and growing families alike.

Quality of Life

Beyond the homes themselves, Cypress offers a high quality of life that appeals to many homebuyers. The area boasts parks, shopping centers, and recreational facilities that make it a great place to live, work, and play.

Future Outlook

Looking ahead, the future looks bright for new home sales in Cypress. With continued growth and development in the area, we can expect to see even more opportunities for homebuyers in the coming years.

Conclusion

The new home sales trend in Cypress, Texas, is showing no signs of slowing down. With rising demand, competitive pricing, and a high quality of life, Cypress is quickly becoming one of the most sought-after areas for new homebuyers. Whether you're looking to buy or sell, now is a great time to get involved in this booming market.

For more information on new home sales in Cypress, check out these helpful articles:

Happy home hunting!

How You & Your Agent Can Successfully Market Your Home to Sell

tamicaortega@fathomrealty.com — Mon, 26 Jun 2023 19:37:21 GMT

Effective marketing is crucial to sell your home faster and for a better price. These tips include high-quality photography, virtual tours, home staging, online listings, social media, and more.

S elling your home can be a daunting process, but effective marketing can help you sell your home faster and for a better price. In this blog, we will discuss some tips on how to successfully market your home to sell.

High-Quality Photography The first thing potential buyers will see when they view your home online is the photographs. Therefore, it's important to hire a professional photographer to take high-quality photos of your home. The photos should be well-lit, show off the best features of your home, and be taken from multiple angles. Poor quality photos can turn off potential buyers, so investing in professional photography is a must.
Virtual Tours Virtual tours are becoming increasingly popular, especially since the onset of the COVID-19 pandemic. Virtual tours allow potential buyers to take a tour of your home without having to physically visit it. Virtual tours can be in the form of a 3D tour or a video tour. They provide buyers with a better understanding of the layout and flow of your home. Virtual tours can also save you time and reduce the number of physical showings.
Home Staging Home staging is the process of preparing your home for sale by arranging furniture and decor to showcase the best features of your home. Staging can help potential buyers envision themselves living in your home and create a more inviting atmosphere. You can hire a professional stager or do it yourself by decluttering, depersonalizing, and making any necessary repairs.
Online Listings Most home buyers start their search for a property online. Therefore, it's crucial to ensure that your home is listed on all major real estate websites. These sites include Zillow, Realtor.com, HAR, and Trulia. Ensure that your listing is complete with a detailed description, high-quality photographs and videos, and accurate information about the property.
Social Media Marketing Social media platforms like Facebook, Instagram, and Twitter are excellent tools for marketing your home. You can use these platforms to showcase your home, interact with potential buyers, and share helpful information about the real estate market. You can also use social media to target specific audiences and run paid advertisements.
Open Houses Open houses are an excellent way to showcase your home to potential buyers. Hosting an open house can attract more buyers to your home and create a sense of urgency among them. Ensure that your home is clean, organized, and well-staged before hosting an open house. You can also use the opportunity to network with potential buyers and answer any questions they may have.
Print Advertising Although most marketing efforts are geared towards online platforms, print advertising can still be effective in marketing your home. You can advertise in local newspapers, magazines, and real estate publications. Ensure that the advertisements are high-quality and provide accurate information about your home.
Email Marketing Email marketing is an excellent way to reach potential buyers who have shown interest in your home. You can send out regular newsletters, property updates, and market reports to your email subscribers. Ensure that your emails are personalized, informative, and provide value to your subscribers.
Word of Mouth Word of mouth is one of the oldest and most effective marketing methods. You can ask your friends, family, and neighbors to spread the word about your home being for sale. You can also ask your real estate agent to spread the word to their network of agents.

In conclusion, marketing your home to sell requires a multi-faceted approach. You need to leverage both online and offline marketing channels to ensure maximum exposure for your home. Remember to invest in high-quality photography, utilize virtual tours, stage your home, list your home on major real estate websites, use social media platforms for marketing, host open houses, advertise in print media, use email marketing, and leverage the power of word-of-mouth marketing. By following these tips, you can successfully market your home to potential buyers and increase your chances of selling your home quickly and for a good price. Keep in mind that the real estate market can be competitive, so it's important to stay on top of your marketing efforts and be open to feedback and adjustments along the way. With the right approach and a bit of patience, you can successfully market your home and achieve a successful sale.

2023 Home Buyers Hope to Spend $200K -Here's What's Realistic

Mon, 17 Apr 2023 05:00:00 GMT

A little optimism can help propel you when things get difficult in the homebuying market. But if you're feeling too good about your chances of buying this year good in ways simply not justified given the current economic conditions you could find yourself disappointed, at best, and unsuccessful or overextended, at worst.

About 28 million Americans plan on buying a home in the next 12 months, according to NerdWallet's recent annual Home Buyer Report. Typically, they're hoping to spend $200,000. This will be extremely difficult when the national median sales price of all homes, including condos, is $342,000, according to the latest data from Zillow.

Home prices have skyrocketed over the past two years. The housing market was overrun with buyers competing for too few available homes; pair that with low mortgage rates, and prices were driven skyward. They've come down a bit since their peak of $363,000 in June 2022, according to the Zillow data, but are unlikely to sink significantly in a broad-based fashion in 2023.

So, where will buyers find homes selling for $200,000? Not likely in the markets they're hoping; high-demand markets command higher prices, and that's always the case. And this analysis of recent sales prices and a generous forecast of where prices could fall in the coming year find buyers will be hard up for that kind of bargain in most areas across the nation.

Buying at current prices

Even if home prices stop growing this year, a $200,000 budget won't go far in most markets. In fact, median sales prices haven't been that low since early 2016. Of the 614 areas with available October 2022 Zillow pricing data, just 204 have median sales prices of $200,000 or lower. Most are smaller towns, as the dataset includes metropolitan and other areas with populations as low as 10,000 people. The largest of the metro areas with a sub-$200,000 sale price is Dayton, Ohio, with a population of 807,000.

Among the 50 largest metro areas, the average, typical price for this past October (the most recent data available) was $419,000, according to the Zillow data. Buyers who hope to purchase in these more populated areas should brace themselves for sales prices far above $200,000. These geographic areas are not only city centers, but generally include surrounding neighborhoods and even suburbs, so don't assume a commute will knock six figures off the prices you see.

Even if prices fall, they won't likely fall far

But just for fun, what if prices do fall in a measurable way? Growth in sales prices was fast and painful for buyers over the past few years, and those high prices aren't sustainable in some markets. The most likely scenario in 2023 is that prices will come down slightly in some areas but stabilize in others. They're unlikely to plummet in a broad-based fashion.

Even if prices gave up half of their recent growth, few would be within that median buyers' budget of $200,000.

From 2020 through October 2022, the most recent month for which data is available, sales prices grew 30% across the nation and as much as 50% or more in some metropolitan areas. In Austin, Texas, for example, sales prices rose 51%, from $347,000 in 2020, on average, to $525,000 in 2022. In Phoenix, AZ, they rose 48% during that period, from $312,000 to $462,000.

But what if all markets nationally gave up half of their steep 2020-22 growth? Still, fewer than half would have homes priced below the $200,000 threshold. Among the 50 most populous markets, just 6% would fall below $200,000. And the typical national sales price would still be $294,000.

Glimmers of hope for 2023 buyers

This isn't all to dash dreams of buying in the next year. If the history of buying and selling homes in the United States has taught us anything, it's that millions will be successful, even in tough economic times. But hopefuls should be more realistic than optimistic. Knowing what headwinds you might face can help anchor your expectations and drive the kind of planning that ensures you won't get in over your head.

Consult with a local real estate agent to learn a realistic budget for the area where you hope to buy. Also, use a home affordability calculator to understand better how a mortgage payment will fit in with your other financial obligations.

Some good news for 2023: Sellers no longer have sole control; the market is more balanced than it has been, mainly because demand has come down due to higher mortgage rates. This means there's more room for negotiations on things such as price, closing date, inspections and so on. But buyers will need to remain flexible, especially if their budget is at the lower end. A few hundred thousand may not go far enough in the hottest markets, but careful hunting in other areas and a willingness to forgo some must haves on your wishlist can make homeownership more likely a reality than a dream.

9 Spring Cleaning Tasks That Homeowners Tend to Overlook

Fri, 10 Feb 2023 06:00:00 GMT

No matter how hard you try, it's easy to overlook some spots when you spring clean - be cause you're blind to what you see and use every day in your own home.

So before you say you're done with your spring cleaning, check to see if you missed any of these tasks:

#1 Clean and Inspect Your Vacuum

A clogged and For a Fresh-Smelling VacuumAdd a sprinkle of baking soda to absorb odors, or cinnamon for a pleasant scent, to the bag or the bagless container.dirty vacuum can undo any cleaning you've done the minute you switch it on. Blame it on that stinky odor that only vacuums seem to emit.

Best to clean it first:

Change the bag and wipe down the bag's holder or empty and thoroughly wash the bagless container with a soapy damp rag.
Wipe down the entire vacuum.
Pull debris from the vacuum's brushes and wipe out the underside as much as you can.
Change the filter.
Inspect the hose for holes.
This goes for your wet/dry vacuum, and handheld one, too, if you have them.

#2 Clean the Undersides of Surfaces

The bottoms and underside edges of dining tables, kitchen countertops, and high-chair trays can get pretty sticky. While you're at it, if your table has leaves, wipe down those alarmingly icky cracks, too. Don't question what the mystery gunk is: Just clean it and forget it.

#3 Dispose of Dried-Out Paints, Adhesives, Etc.

Check with your city or county for a spring toxic waste disposal event and plan to do your spring cleaning before that day. That way, you can responsibly get rid of all those dried-out cans of adhesives, varnishes, paints, and finishes clogging up your storage space and your DIY workspace.

#4 Pitch Outdated Pantry Staples

Basics like flour, vinegar, and sauces that are past their expiration date lose flavor, and anything containing oil, like nuts, can go rancid. To bring a bigger bang to your recipes, also replace any dried spices that have been open longer than a year. Going forward, you can buy smaller portions where bulk spices are sold, so you always have a fresh supply.

#5 Clean the Crevices in Kitchen Appliances

Even if you wipe your appliances daily, gunk and crumbs can hide in nooks and crannies -- like behind the knobs and under the grill on the range, and cracks around your dishwasher buttons. You shouldn't need more than some baking soda and soapy water -- along with an old toothbrush to reach into crevices -- to banish the eww factor.

#6 Give Houseplants a Shower (and Clean the Spots Where They Live)

Take all your plants outside for a nice cleansing shower on a drizzly day. Then inside, tackle the spots where they live: the floor, shelf, countertop. Clean the walls and baseboards, too. And check for water damage. A cracked pot or chronic overwatering can allow moisture and dirt to leach out.

#7 Sanitize Trash Cans

It's inevitable that sometimes icky stuff leaks out and crumbs make their way around the bag. But in the rush to get the new bag in there, cleaning it up often gets forgotten. And the can's lid: Have you looked at it, really looked at it lately? Yuck. Sanitize with a mixture of soap and bleach (don't forget to wear gloves!) and, if your can is stowed in a cabinet, use a vacuum attachment to suck up dust and crumbs inside the cabinet box. And wash the cabinet, too. There's almost always yucky stuff there.

#8 Disinfect Door Knobs and Light Switches

In our quest to clean the deepest crevices of our homes, many of us forget the stuff right under our fingertips all day long. Literally. Light switches, door knobs, cabinet handles, and remotes are some of the germiest places in your house. You almost can't clean them enough.

#9 Wash Grocery Totes

And speaking of yuck, when is the last time you cleaned your reusable grocery bags? Studies have found bacteria easily moves from your bags to your fridge, countertops, etc. -- increasing the chances of food poisoning and cross-contamination.

Throw them in the washer or wash by hand with hot, soapy water.

5 Ways to Build Your Credit Score in 2023

Thu, 26 Jan 2023 06:00:00 GMT

You've got big financial plans for 2023. Maybe they include buying a home or car, or getting a new travel rewards credit card to help pay for your next trip. There's a key piece of these plans you may not have considered: building your credit score.

A better credit score can expand your access to credit and make borrowing more affordable. For example, having a score of 700 versus 650 could mean getting approved for a new car loan at 4.9% interest instead of 7.25% interest.

So what can you do to get your score in shape? Here are a few ways experts suggest boosting credit in the new year.

1. Pay off holiday debt

When holiday festivities conclude, you might be stuck with leftover debt from food, travel and gift purchases (on top of regular bills, of course).

If missed payments or large balances carry over into the new year, your credit score could suffer. Payment history (whether you pay bills on time) and credit utilization (the amount of credit you're using compared with your limit) are the two biggest factors that affect your credit score.

So make a plan to pay down your holiday debt. Start by reviewing your account statements to understand exactly how much you owe and how much you can afford to budget for repayment, says Jeff Arevalo, a financial wellness expert at GreenPath, a nonprofit credit counseling agency based in Farmington Hills, Michigan.

If you're only paying minimums, unfortunately, it's going to take you a longer time to pay the debts. Interest rates have increased, and so paying minimums is not a recipe for success, Arevalo says. Knowing your budget allows you to see if you're in a position to make more than the minimum payments on your debts, he adds. Perhaps you earned an extra paycheck in December or a holiday bonus that you can put toward debt.

One strategy to consider is paying above the minimums on your most recently opened accounts first, says Todd Christensen, education manager at Money Fit, a nonprofit debt relief service based in Boise, Idaho. Christensen says this strategy, which he refers to as debt landslide, can build credit since FICO and VantageScore scoring companies give more weight to activities on new and recently used accounts.

Paying down balances on new accounts will help build credit faster than paying down the balance on all accounts, Christensen says.

Protect your credit score in 2023 by setting up automatic payments or payment reminders to help you pay bills on time going forward.

2. Don't apply for credit too often

Applying for new credit multiple times in a short period can raise a red flag and negatively impact your score. With each application, you'll get a hard inquiry on your credit that may cause your score to drop a few points.

If I'm applying for a credit card once or twice a month, that's kind of showing the credit scoring model that I'm desperate, says Kate Mielitz, an accredited financial counselor in Olympia, Washington. Desperation is not a good look in credit.

Lenders that view you as a risk may reject your application or offer less desirable terms, such as high interest rates. Think carefully before applying, especially if you plan to make a decision involving credit like applying for a mortgage within the next few months.

3. Raise your credit limit

Ask issuers to increase your credit limits on existing accounts. Higher limits will lower your utilization, as long as your spending doesn't creep up. To build your score, experts recommend keeping your utilization under 30% of your limit.

4. Make rent and utility payments count

Not all credit scoring models factor rent or utility payments into your score because this information typically isn't on your reports. But if you lack credit history, there are services you can use to report on-time payments and build credit. Some rent reporting services, like Piata, are free. Others may charge you or your landlord.

The thing to watch for is fees, that's the main thing, and that they actually report to one or more credit reporting agencies, Christensen says.

Experian Boost, a free feature from Experian, one of the three major credit bureaus, gives you the option to report rent, utility and streaming service payments made from your connected bank accounts.

5. Inspect your credit reports

Credit reports are records of your credit history. Staying on top of your reports is crucial because scoring companies use the information on them to create your scores. If a mistake on a report is dragging your score down, such as a reported late payment that you actually paid on time, take quick action to dispute the error with the pertinent credit bureau.

Some people worry that the report is kind of long, there's a lot of abbreviations and things like that. But like with anything in life, I think it's not as intimidating once you kind of get used to it, Arevalo says. Make checking your credit reports a regular habit. AnnualCreditReport.com offers free weekly reports through the end of 2023.

This article was written by NerdWallet and was originally published by The Associated Press. About the author: Lauren Schwahn covers consumer credit and debt at NerdWallet.

Easy DIY Home Projects That’ll Make You Say, “Yes I Can!”

duda@secondgen.com — Wed, 10 Nov 2021 18:03:39 GMT

A little elbow grease; a big difference!

By: Leanne Potts

Beautiful you-can-do-it inspirations for easy DIY projects.

As anybody who’s been inspired by HGTV can tell you, DIY home projects on TV look amaaaazing.

But DIY renovations in real life: kiiiinda the toughest thing ever. And, yet, these rookie craftsmen did beautiful, jaw-dropping work that will totally inspire you. Check out these easy DIY projects for your home:

#1 Pinterest-Worthy DIY Window Seat

An empty recess in a room is a ripe spot for a DIY project, as home improvement blogger Britt Kingery can tell you.

She and her husband, Justin, built a window seat so ridiculously Pinterest-worthy you’ll want to make one for yourself (like, right now).

It’s a roomy 10-foot beauty, so you can seat a houseful of guests without dragging chairs all over the place. And (bonus!) there’s storage underneath for stashing lots of stuff out of sight.

You can custom-create your own for about $250 if you’ve got a few essential DIY tools.

Or you can do an Ikea hack to get the same result. Just attach one of their long, horizontal storage systems to your walls. Then add cushions and preformed molding for the same custom look.

The big reveal doesn’t happen overnight, and a renovation almost always looks worse before it looks better.

Britt Kingery, home improvement blogger

#2 Miracle Makeover With Just Paint, Stain (and Patience)

“The Brady Bunch”-orange wall and abused floors in the before photo are homely enough to strike you blind.

But what a miracle paint, sanding, and stain can do! Lighter shades on the walls, trim, and floor reflect natural light, making the space so much brighter. And for very little money (about $150).

The key to such an amazing transformation, Kingery says, is to be a tortoise, not a hare.

Sanding, taping, patching holes, and waiting on stain, paint or polyurethane to dry takes care and patience if you want professional-looking results.

“The big reveal doesn’t happen overnight, and a renovation almost always looks worse before it looks better.”

#3 Instant Open Floor Plan

Cramped, dark kitchens are so very 1981.

Sarah Lemp of the “All Things With Purpose” blog turned her dated kitchen into an open, light-filled space that feels and functions like a larger room.

The cost? $300. Yep. For less than the cost of a set of countertop canisters at Williams Sonoma, Lemp worked magic.

The biggest fix? She just removed a set of overhead cabinets that blocked light and the view into the dining area, making an instant open floor plan.

Then she turned to paint, the budget remodeler’s friend. She used a soft griege (designer-speak for grayish beige) for the walls of the kitchen and dining area.

She painted the remaining upper cabinets white, and the bottom ones dark gray.

“I love the look of white cabinets, but figured a darker color was more kid-friendly,” she says.

Lemp skipped the requisite subway tile backsplash and went with peel-and-stick shiplap instead. “It was easier and cheaper,” she says.

#4 Brighter Bedroom With Paint and Wood

This may be an ugly room, but we’re not sure because it’s so dark all we can see are cheap blinds and a poofy valance that hasn’t been fashionable since the Olsen twins were toddlers.

It needed major help.

Ashley Rose and Jared Smith of the blog “Sugar and Cloth” pulled off a weekend makeover by painting the walls a lighter color and replacing the window treatments with wispy, white drapes that practically pull sunlight into the room.

A pair of wall-mounted reading lamps added a second layer of light, because a lonely overhead fixture can’t light the whole room all by itself.

And that wall behind the bed? It’s strips of reclaimed wood with an adhesive backing. Peel, stick, and you’re done. No nails. No glue. And just one tool: a level to make sure you stick the wood strips in a straight line. Awesome.

#5 An Easy-Peasy Backyard Patio

Dirt’s ugly. It’s also a pain, turning into mud when it rains, dust when it doesn’t, and sneaking into your house on the feet of dogs and kids.

Covering it with a paver patio is a great fix. Chelsea Foy of the blog “Lovely Indeed” built this one in a neglected flower bed in just 10 hours.

She used patio stones molded to look like several individual bricks, because leveling one large stone is tons easier than leveling a bunch of bricks.

Those arcs of large river rocks just off the patio make a natural-looking transition between the factory-perfect pavers and the rest of the yard. They’ll also give you less lawn to mow or flowers to tend.

#6 Fancy Wall Molding for a Bargain Price

Wall molding makes a room look so custom, so finished, so much better than boring old drywall. But it costs around $25 a square foot just for the materials.

Mysha Barton of the blog “Remington Avenue” pulled it off along her stairs for just $30 — total.

The secret? She used MDF (medium density fiberboard, aka fake wood) to keep it cheap, and didn’t mount it in the traditional way with board panels on the wall.

Instead, she put thinner “chair rail molding” directly on the wall, and painted everything white, including the wall to get that rich look of molding.

The toughest part was cutting all those angles, Barton says.

She got it done with a miter box and a handsaw. “My advice is to use scrap wood to practice your angled cuts before taking on your expensive molding pieces.”

Barton did this project in just eight hours with three small children in the house, so even if 10th-grade geometry made you cry, you can do this.

#7 A Space-Saving Workbench

A DIY workbench is a gateway project, one that can lead you to harder projects and possibly, a home improvement addiction. Make this workbench your very first project and you’ll have room to do scads of projects — money-saving ones.

It’ll fit in a small space because it’s actually a door mounted on door hinges, so you can fold it flat against the wall when you’re not using it. Be sure to buy a solid wood door, not a hollow one, so it’s sturdy enough to stand up to years of projects.

We’re pleased to announce the addition of a real estate veteran to our team. Andrew Stevens joins us in our main office after 10 years in our northern branch.

How to Prevent (Home) Buyer’s Remorse

duda@secondgen.com — Wed, 10 Nov 2021 18:00:17 GMT

Always feel confident it's your dream home.

By: Lynn Ettinger

You can make a successful offer on a home even in a competitive market — with the right information and help.

When you’re house hunting, the pressure of competition can move you from “Hmm, I like that, but it’s too pricey,” to “I have to have that!” You think, so what if paying for this house will put me way over budget? I can cut back somewhere else, right? But that kind of thinking can get you into trouble. Trouble that’s totally avoidable.

Whether you’re in the middle of a home bidding war or facing down a list of must-haves, don’t lose sight of your budget and the risks. That way, you can own a house without home buyer’s remorse. And you’ll have money left to enjoy things like new furniture, entertainment, and just plain having fun.

Who Has Home Buyer’s Remorse and Why?

A competitive real estate market can set buyers up to purchase a home that’s either beyond their budgets —sometimes hugely beyond — or doesn’t meet their needs, according to a 2021 survey by Bankrate and YouGov. The survey found that recent home buyers, including 64% of millennials, had regrets about their home purchase. The top reason? They were unprepared for maintenance and other home ownership-related costs. On top of that, 13% percent of millennials said they think they paid a higher sales price than they should have.

“Things in homes always break down, so people should put aside a budget for anything that will need fixing,” says Lawrence Yun, chief economist at the National Association of REALTORS®. “A rule of thumb is to anticipate 1% or 2% of the home price for potential maintenance,” he explains. “So, for a $300,000 home, that means setting aside $3,000.”

One reason home buyers may be tempted to go over budget is they’ve been influenced by the beautiful homes on TV, according to an NAR report on home staging. “The shows can create unrealistic expectations for the home buying process and how homes should look,” says Brandi Snowden, NAR director of member and consumer survey research. In time, buyers can view features that used to be luxuries as necessities. They believe everyone has them and they should too. One solution: Work with a REALTOR as early as possible in the process. “Make sure your agent knows your budget, so they can help you set expectations and stick to them,” she advises.

How to Navigate House Hunting in a Competitive Market

In addition to pressure to exceed their budgets, buyers are facing hurdles like these five:

1. Requests to Waive Contingencies

Tamara Suminski, a real estate agent at Beach Real Estate Group in Manhattan Beach, Calif., is seeing not only bidding wars but also sellers wanting buyers to waive contingencies. “With an appraisal contingency, if the appraisal comes in low, the buyer has choices. They can choose to try to renegotiate with the seller, bring in the difference, or cancel. When they remove that contingency and its protection, and if the home doesn’t appraise at the right level, the seller is not very likely to renegotiate with them. And the buyer has waived their right to cancel. If they cancel anyway, they’re risking their deposit.”

Some buyers are also waiving contingencies related to home inspections. These investigations are an opportunity to have a home inspector view the home based on disclosures and for the buyer to use findings as a bargaining tool, Suminski says.

Eliminating these protections can end up costing money for buyers. And the more offers the buyer writes and loses, the more risk they will tolerate. So, they may waive contingencies and regret it later, says Suminski. Talk to a buyer’s agent who will guide you through this and explain the risks of removing protections and unknown variables, she advises.

2. Speed Showings and Decisions

Bryan Yap recently bought a home in an expensive and highly competitive market — Orange County, Calif. He found that with the pandemic, each showing lasted only 15 minutes. That was one of the biggest hurdles. “We’d see three, four, or five homes in one day. It’s hard to keep track of what you like and don’t like with each house. What I would do differently is take notes immediately after viewing a home. If you’re able to prepare beforehand, create a list of wants and requirements in priority order. Immediately after seeing each home, rank it based on the list.”

3. Focusing on the Top of Your Price Range

“If you’re looking in a micromarket where listings are achieving multiple offers and homes are going above asking price, don’t set your on the houses at the top of your price range,” Suminski says. If $300,000 is your upper limit, look at houses priced at $250,000 or $275,000. Otherwise, you’re going to be outbid from the gate every time.”

That was the process Yap used when he was looking. “I would look for homes $25,000 under my max budget. I went on Zillow and looked at homes that were sold recently and tried to calculate the average over-listing price those homes were being sold for and factor that into my offer price.”

4. The Need to Compromise

Yap’s must-haves were three bedrooms, two baths, and being closer to the city center of Anaheim. “I was able to get three beds, two baths, but I did have to compromise on location. I also had to compromise on price, which was doable because I could still afford it. To compete with all the potential buyers, I knew that we had to either offer an over-list price or remove some contingencies.”

Suminski advises adjusting your search outward geographically, even if it means a longer commute. Buyers might also have to compromise on property types and features. In addition, they should consider doing some DIY projects instead of wanting everything to be move-in ready. “They may have to be willing to look at townhouses instead of single-family homes or install carpet and paint on weekends.”

5. Information Overload

In the two years before he started searching for a home, Yap did a lot of reading. “It was a massive plan I had to come up with and stick to so that I’d be able to afford buying a home.”

Because of how hot the Orange County market is, agents scheduled showings as soon as a house was listed or showed “coming soon” status. Yap treated the home search as “almost a second job,” using lunch breaks and evenings to check emails, do online searches, and text his real estate agent about what he wanted to see. “I had to make a lot of sacrifices. People wanted to set plans with me for the weekend, but I said, ‘Sorry, I have to go view homes that day.’”

He primarily credits his real estate agents, including Sumiski, for keeping him informed. “They made all this possible. I learned a lot from them.”

Some agents, like Suminski, hold an accredited buyer’s representative designation but usually work with sellers as well as buyers. “An [agent with an] ABR has taken extensive buyer’s representation training,” Suminski says. “They’ll provide education to buyers so that they’re learning as much as they can about the market, including the risks involved with different negotiations. If buyers are going to shorten terms or remove protections, they need to be well informed about the pitfalls.”

Learn from Experiences

That access to information and guidance will help buyers making an offer on a home especially in a competitive market. “Today’s buyer has seen and written offers on many properties before they get their offer accepted,” Suminski says. “That’s common across the country. Each is a learning opportunity for buyers about what information they might need to be researching so they can move more quickly.”

When you act on advice from recent buyers and agents, you can stay well informed and get good results even in a tough market. And that’s the best way to prevent home buyer’s remorse.

A home like this comes on the market once in a decade. It’s spacious, fully renovated and designed to the highest standards.

8 Simple Rules for Negotiating Your Offer and Getting That House

duda@secondgen.com — Wed, 10 Nov 2021 17:56:12 GMT

In today's hot market, know how to make sure you get the home of your dreams.

By: HouseLogic

You and your agent are going to use everything you’ve learned to seal the deal.

Here’s the dream: Your offer is perfect, you don’t need to negotiate, and you can spend the next few weeks addressing more pressing home-ownership questions, like “Why is it called wainscoting?” and “Do I want a new couch in blush or emerald green?”

And it could happen. Many sellers accept the best offer they receive, and for a variety of reasons.

But sellers are also known to reject offers for a variety of reasons. Or make counteroffers. This is especially likely if you bid low, or when you’re up against multiple competing offers.

If you do receive a counteroffer, it’s up to you to decide whether you want to accept the new contract, negotiate the terms, or walk away.

In cases such as these, look to your agent. He or she is your spirit guide. If you decide you want to negotiate — that is, make a counteroffer to the seller’s counteroffer — your agent will use their negotiating skills to help get you the best deal. This is what agents do every day.

But you’re not just going to sit there. If you understand what negotiating tactics your agent may deploy — they depend on the local market and your position — you can back them up. And cheer them on.

Here are eight rules every buyer should know before they — and their agent — start negotiating:

#1 Act Fast — Like, Now

When you receive a counteroffer, you should respond quickly — ideally within 24 hours. The longer you wait, the more space you leave for another buyer to swoop in and nab the property. Also? If a seller senses hesitation, they may decide to withdraw their counteroffer before you even have a chance to respond.

#2 Raise Your Price (Within Reason)

While you obviously don’t want to overpay for a house, you may have to up the ante — especially if you initially made a lowball offer. Lean on your agent’s expertise to determine how much money you should add to the sales price to make it more enticing to the seller.

Then, through their powers of persuasion, your agent can make the counteroffer look even more attractive by pointing out similarly priced “comps” — recently sold homes in your area that are comparable in terms of square footage and features.

As your agent negotiates, it can feel like things are escalating quickly. It’s stressful. You may feel a sudden urge to do whatever it takes to win.

Before you go overboard, there are two things you must keep in mind:

You can’t exceed the monetary confines of the pre-approved mortgage you received from your lender.
You shouldn’t overextend your budget.

Because your counteroffer has to be an amount you’re comfortable spending on a home. You want that new house and to keep living your life. Plus: You’re not out of options yet.

#3 Increase Your Earnest Money Deposit

Increasing your earnest money deposit (EMD) — the sum of money you put down to prove to the seller you’re serious (i.e., “earnest”) about buying the house — is another way to show the seller you have more skin in the game. A standard EMD is typically 1% to 3% of the sales price of the home. Making a counteroffer with a 3% to 4% deposit could be what you need to persuade the seller to side with you.

#4 Demonstrate Patience About Taking Possession

Depending on the seller’s timetable, changing your proposed possession date — the date you take over the property — could butter them up, too. If the seller wants to stay in the home for a few days after closing, try offering a later possession date. You could also draw up a “rent-back” agreement, meaning the seller pays you rent for staying in the home for a set period of time after the closing date.

#5 Let Go of a Few Contingencies — With Care

Want to give your counteroffer an even bigger boost?

Reduce the number of contingencies you’re asking for. It’s your way of saying, “Hey, look, I have fewer ways to back out,” which gives the seller more reassurance that the deal will close.

But be selective: Some contingencies are too important to give up. A home-inspection contingency — the right to have a home inspection and request repairs — gives you an out if you spot major problems with the home (and protects you from buying a total money pit).

You might waive a termite inspection if you’re in a state where the risk is lower.

But ultimately, waiving contingencies depends on your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. And if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it.

#6 Ask for Fewer Concessions

At a mortgage settlement, home buyers have to pay closing costs for taxes, lender’s fees, and title company fees. Closing costs vary by location, but you can expect to shell out between 3% and 4% of the home’s sales price. The seller pays an additional 1% to 3%. (Smart Asset and Nerdwallet have simple calculators you can use to get a rough idea of what your closing costs might be.)

When making an initial offer, you have the option to ask the seller for concessions — a settlement paid in cash to help you offset your share of the closing costs. (This move is less feasible if you’re going up against multiple offers.)

Concessions effectively lower the seller’s net proceeds from the sale. Making a counteroffer that removes the concessions you would have otherwise received at settlement puts cash back in the seller’s pocket — and can improve your bid.

#7 Pick Up the Cost of the Home Warranty

Sometimes sellers offer prospective buyers a home warranty. This is a plan that covers the cost of repairing major home appliances and systems, like the air conditioner or hot water heater, if they break down within a certain period (typically a year after closing).

A basic home warranty costs about $300 to $600 a year, according to Angie’s List. If it seems like waiving the home warranty can sweeten negotiations, but you still want the peace of mind of having one, tell the seller they don’t need to cover it — then buy it yourself.

Just keep in mind, whether you or the seller buy the warranty, you’ll need to pay the service fee (typically between $50 and $100) if something does, indeed, need to be repaired while under warranty.

Also, FYI: A home warranty is entirely separate from homeowners insurance. Homeowners insurance — the security blanket that covers your home’s structure and possessions in the event of a fire, storm, flood, or other accident — is required if you take out a mortgage. It can cost anywhere from $300 to $1,000 per year.

#8 Know When to Walk

When negotiating with a seller, trust your gut — and your agent. If he or she says a deal is bad for you: Listen.

And if you don’t want to make any more trade-offs — and the seller won’t budge — it’s smart to walk. That can be a tough decision to make, and rightfully so! Negotiating is tough. It’s draining.

And losing something you’ve worked hard to get can be disappointing. But don’t worry. There’s a better deal for you out there. And after those strong feelings of frustration pass, you’ll realize: Now I know how to do this.

A home like this comes on the market once in a decade. It’s spacious, fully renovated and designed to the highest standards.